all events test

all events test
For accrual method taxpayers, income is earned when:
(1) all the events have occurred which fix the right to receive the income and
(2) the amount can be determined with reasonable accuracy. Accrual of income cannot be postponed simply because a portion of the income may have to be returned in a subsequent period.
Under this test an accrual basis taxpayer may deduct taxes or any other expense items if all the events fixing the fact of, and amount of, taxpayer's liability have transpired though not paid, and this requires that each taxable year must be treated as a separate unit, and all items of gross income and deductions must be reflected in terms of their posture at close of such year. Dravo Corp. v. U.S., 348 F.2d 542, 545, 172 Ct.Cl. 200

Black's law dictionary. . 1990.

Look at other dictionaries:

  • Test cricket — A Test match between South Africa and England in January 2005. The men wearing black trousers on the far right are the umpires. Test cricket is played in traditional white clothes and with a red ball. Test cricket is the longest form of the sport …   Wikipedia

  • Test automation — Compare with Manual testing. Test automation is the use of software to control the execution of tests, the comparison of actual outcomes to predicted outcomes, the setting up of test preconditions, and other test control and test reporting… …   Wikipedia

  • Test market — A test market, in the field of business and marketing, is a geographic region or demographic group used to gauge the viability of a product or service in the mass market prior to a wide scale roll out. The criteria used to judge the acceptability …   Wikipedia

  • Test Drive Unlimited — Infobox VG title= developer= Eden Games Melbourne House (PS2 PSP) publisher= Atari distributor= Akella (Russia) Microsoft (Japan) Moving Editora (Brazil) CD Projekt (Poland) designer= engine= Havok released= Xbox 360 vgrelease|NA=September 5,… …   Wikipedia

  • All Sky Automated Survey — The All Sky Automated Survey (ASAS) is a Polish project implemented on 7 April 1997 to do photometric monitoring of approximately 10 million stars brighter than 14 magnitude all over the sky. The automatic telescope discovered two new comets in… …   Wikipedia

  • Test for Echo — Infobox Album | Name = Test for Echo Type = Album Artist = Rush Released = September 10, 1996 Recorded = January March 1996 Bearsville Studios, New York Reaction Studios, Toronto Genre = Hard rock, rock Length = 53:25 Label = Anthem (Canada)… …   Wikipedia

  • All Happy Families... — Infobox Television episode | Title = All Happy Families... Series = The Sopranos Season = 5 Episode = 56 Guests = see below Writer = Toni Kalem Director = Rodrigo Garcia Airdate = March 28, 2004 Production = 504 Episode list = Episode chronology… …   Wikipedia

  • Events preceding World War II in Europe — The events preceding World War II in Europe are closely tied to the rise of fascism, especially in Nazi Germany.Aftermath of World War IThe origins of World War II are generally viewed as having its roots in the aftermath of the First World War.… …   Wikipedia

  • ISSF shooting events — Competition in 10 metre air rifle The International Shooting Sport Federation recognizes several shooting events, some of which have Olympic status. They are divided into four disciplines: rifle, pistol, shotgun and running target. The main… …   Wikipedia

  • NOAA Weather Radio All Hazards — Type Weather Radio/Civil Emergency Services Branding …   Wikipedia

  • ITC Code on Sports and Other Listed Events — The ITC Code on Sports and Other Listed Events is a series of regulations issued by the Independent Television Commission which is designed to protect the availability of live coverage of so called listed events in sport typically major sporting… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.